McDonald's (MCD) PT Lowered to $280 at Guggenheim

Guggenheim analyst Gregory Francfort lowered the price target on McDonald's (NYSE: MCD) to $280.00 (from $290.00) while maintaining a Buy rating.

The analyst commented, "Key Message: We are trimming our MCD EPS and PT ahead of consensus to reflect FX headwinds since we last adjusted our estimates. Our $10.35 EPS is now 10-15c below consensus, but we expect to be above when the Street factors spot currency into models with 3Q earnings. We think that industry margin and store development headwinds provide MCD with a competitive opportunity to gain share. We increase some of our U.S. growth assumptions including moving to a +4.8% comp this quarter vs. a +3.9% consensus. We remain Buy-rated with McDonald’s as a Best Idea in the restaurant sector and trim our PT to $280 from $290."

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